- By Aaron Gott
- In BLOG Posts, Buyers Inspection, Re-Inspection, Sellers Inspection, Warranty Inspection
- Tags Agent, Business, Buying, Education, Information, Inspection, Repairs, Selling
Reasons to get a Home Inspection…
Welcome to our Home Inspection BLOG!
Today our post will cover the what to do after your home inspection.
The home buying process-
The Home buying process can be very daunting. There are many people involved throughout the process. So much going on that it can become an overwhelming process. However, don’t let all the business of the process allow you to forget one of the most important steps. Do not miss out on the home inspection.
Home inspections are an intricate and instrumental part of the home buying process, It will save you time and money in the long run. Also, there are just as many trying to sell a home that should also consider purchasing a pre-listing home inspection. If you are motivated to sell your home, why put it on the market with a bunch of issue? They’re just going to come up prior to closing from the potential buyers, after they get their own home inspection done. It’s easy to overlook some of the wear and tear on a home, when you own it. If someone is going to make a lifetime investment to buy your home, they want to make sure it’s not going to be a money pit. Nobody wants to buy a house that they have to fix, before they can move in.
So should you get a Home Inspection?
Absolutely! You’re not just buying that beautiful custom kitchen, master suite or 3 car garage. You’re also buying any latent or hidden defect lurking in the walls, the crawl space or the attic. A typical inspection starts on the roof and ends at the foundation. It checks all of the major house systems (plumbing, electrical, heating, cooling, etc.) in between. A good home inspection, by a licensed home inspector, costs between about $300 to $500 and takes 3 to 4 hours. There are many factors for time, such as size and age of the home. Also, just because the construction of a home is new doesn’t mean you don’t need a home inspection. Just because something’s new, doesn’t mean it doesn’t have any defects.
After you receive the findings listed in the home inspection report, you’ll need to evaluate whether there are any deal-breakers. Some examples are serious structural defects or electrical problems. You may want to handle minor fixes yourself to avoid nitpicking with the seller. However, all findings are leverage for negotiating the final price of the home. For cases in between (cracked tiles, for example) consult with your agent. You can ask the seller to pay for the repairs or give you a credit at closing. I recommend a credit so that you can choose the contractors and materials you prefer.
What if you’re the seller and not the buyer?
There are several advantages to you getting a pre-listing home inspection, prior to putting your home on the market. First, it can save you money. When defects show up in the buyer’s home inspection report, the buyer will likely ask for a price reduction, a credit, or ask you to fix the issues yourself. Depending on the seriousness or potential cost of the issues, the buyer’s willingness to negotiate can sink the original offer amount. In addition, buyers don’t want to move into a new home and have to spend time having hiring contractors. Second, it could save you time. Getting your house in the best shape possible will certainly help speed up the sell and closing process. If you proactively make the repairs you know are going to come up in a home inspection. There is less likelihood you will get stuck in the middle of a long negotiation process.
Now that the home inspection is complete-
Now that the home inspection is complete, often it is time to negotiate. One of the many advantages of getting a home inspection, is the power to negotiate. If a home that a buyer is really interested in is on the edge of their pre-approved budget, information gathered during the home inspection may give them the bargaining power to get the cost within their price range. If you are the seller, you know exactly what came up in your home inspection. as a result, you were able to fix the things that you were already going to commit to fixing. Now you can move through the negotiation process, both informed and confident in the price you have set for your home.